Naira Gains 0.17% Amid 38% Rise in Weekly Turnover

March 6, 2018
naira depreciate

By Dipo Olowookere

At the Investors and Exporters’ (I&E) forex window last week, the Naira had a good performance, appreciating by 0.17 percent week-on-week (w-o-w) against the Dollar.

This positive close kept the local currency at N360.09 per Dollar amid 37.86 percent w-o-w increased turnover to $1.25 billion and weekly injections by the Central Bank of Nigeria (CBN) worth $210 million into the foreign exchange market; of which $100 million was allocated to Wholesale (SMIS), $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles.

The Naira was flattish at the interbank foreign exchange market, the Bureau De Change and the parallel market segments at N330/$, N359/$ and N362/$ respectively.

Meanwhile, all dated forward contracts at the interbank over the counter (OTC) segment appreciated; spot rate 1-month,, 2-month, 3-month and 6-month contracts appreciated by 0.03 percent, 0.19 percent, 0.22 percent, 0.25 percent and 0.18 percent to close at N305.85/$, N364/$, N368.33/$, N372.66/$ and 388.35/$ respectively.

This week, analysts at Cowry Asset expect stability in the Naira as global crude oil prices remain upbeat which should result in further build-up in foreign reserves.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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